GUIDANCE NOTE ON DIVISION III – SCHEDULE III TO THE COMPANIES ACT, 2013 FOR NBFC THAT IS REQUIRED TO COMPLY WITH IND AS

The Institute of Chartered Accountants of India (ICAI) through the Corporate Laws & Corporate Governance Committee (CLCGC) had issued Guidance Notes on Division I and Division II to Schedule III to the Companies Act 2013 and the same were revised on the basis of amendments which were notified by the Ministry of Corporate Affairs vide Notification dated 11.10.2018.

In October, 2018, the Ministry of Corporate Affairs notified Division III to Schedule III to the Companies Act, 2013 which contained the format of Financial Statements as well as Disclosure Requirements for Non- Banking Financial Companies (NBFCs) that are required to comply with the Indian Accounting Standards (Ind AS).

In view of the above, CLCGC of ICAI decided to bring out a Guidance Note on Division III to Schedule III to the Companies Act 2013. The Note provides guidance on each of the items of the Balance Sheet & Statement of Profit and Loss. Few illustrations have also been included on application of the principles provided in the Guidance Note.

Download Guidance Note on Division III – Schedule III to Companies Act, 2013

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